How Much Money Do I Need to Start The Business? - Ask A Shop Owner #1
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- čas přidán 4. 07. 2024
- Ask us! Questions@deriums.com
#1 - How much money to start the business? 1:30
#2. What legal aspects/paperwork are there? 5:05
#3. Focus on one, or many items to sell? 5:45
#4. filing taxes and keeping receipts? 8:50
#5. Own just a store, online store, or both? 10:30
#6. How do you find your product? 16:45
Playlist: • Q&A - Ask a Shop Owner! - Hry
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Hey man. Not sure if you will read this, but I just wanted to say I have so much respect for you for making this video. Its so rare to find small business owners who are willing to be this open and honest. Really interesting video. Wish you all the best of luck in your store!!!
David Eastwell Heya, yes I read it! And thank you!! I believe in transparency, I like to make sure businesses stay honest, so they don't screw over the customers. :)
DeriumsCCGs
Fallowed, liked, subscribed, etc on all the social medias because of this video. Question though, because I haven't seen it readily linked in the few videos I've watched, what is your eBay storefront link? FYI, I found my way here because of the comments in the "Fantasy Crate - January" video over at Tolarian Community College
+DeriumsCCGs Greetings from Shellharbour, Australia.
Thanks for the quality content and Dude your like Peter Pan.
Me too thanks I am thinking of starting my own business
My feelings exactly. I have a 6 years plan to build and create my game store and all this info is so valuable. Thanks!
Great video! Thank you.
Where is your store?
50-100 per dual sounds like a dream
Starting watching this vid then realized his shop closed down...
I know this is years later but there is virtually no way this man still owns and operates a card shop right? If so, the debt must be suffocating. Anyone watching this, this is NOT the mentality you want to run a business. It's a business, not a hobby. If you want to make money this ain't it
Respect man. "It's fun to come to work everyday." Willing to get razor thin profits just to have this lifestyle you wanted.
This is brutally honest and truly great information.
Hey man. Thanks a ton for the insight. I am thinking of going the route of opening a hobby shop with some friends and watching your videos really inspired me to make sure I have all my ducks in a row before launching into it. Seeing your transparency really helped me believe that there are still honest business owners out there. Thanks for the tips and I'll post back again in a year if it works.
Take care!
Your business ethic and business model is impressive. The basic points, love what you do, take your time and treat your customers decently.
Wonderful.
I love the transparency with this company, I will never have a problem paying these prices or doing business.
This guy is smart as shit. props to you
That's my dream... to own my very own shop and after watching this, I'm determined to get this started by creating my own blue print.
Very good insights, I'm still subscribed to your guys channel even though I haven't watched it in a very long time.
You still have my support, always
2.50 For a booster... I wish.
That's awesome dude. As a guy who used to work in a card store and was his own MTG vendor, this is a sweet channel. Brings back nostalgic memories for me. Thanks buddy. :]
Thank you for doing this Derium. I, like a lot of others, have had a lot of questions about this kind of stuff. Thanks for taking time out of your day to answer them.
Thank you! And I agree, you need to support your local store. I always did before it closed, and not too many people have that mentality anymore. Thanks for the watch, and let me know if you have any questions of your own man!
As a person just starting a small business I have to say I really enjoyed this video! Great insights.
Thanks for being so honest about your small business. Hope all these vids generate some revenue for you!
Lots of questions coming in now, thank you. I'll get them sorted out and answered shortly, keep an eye on this playlist for those videos. thanks again!!
Damn damn damn. I have commented now on freaking 100 videos but more I watch, more I want to open my own place... Magic words as here were "Its fun to come to work everyday" Becouse thats not the case at this situation.
Well, if you decide to pull that trigger, give us a cal! We would be happy to bullshit with you some more about it :)
Thanks for taking the time to post this - good advice, well presented
I dig the point about return value to the store and meeting a ' family '. Personally, 2+ years ago I had to get out of MTG...and I didnt want to. Back in April, I jumped back in and started building from this store. After sometime, I find myself there quite often, meeting new people and just having a good time.
I mean, you get a red headed brother, the nice and happy lil sister, the sarcastic yet NICE older brother. I dont care to go anywhere else but here.
Hey man, super cool video. I live about 10 minutes away from your shop but never heard of you before. I'll be there tomorrow!
Not opening a store but I am all business. I enjoyed watching, great video.
A $10 card from a local mom and pop store really helps to keep the lights on! Glad you mentioned something about that , it's important to support your local store. You all work hard to keep the community growing and give gamers a home...Congratulations with your business and I wish you a successful future! :)
This is a -very- good video. I helped a friend start up a computer shop in 2005, and pretty much everything said in this video applied to that as well, especially the razor thing margins.
I can not repeat what he said about getting professional help enough, you DO NOT want to make mistakes when it comes to the law and taxes, hiring professionals not only will cut down on your stress (the biggest killer with shops) make cover your hide!
I am going on the saying "if you build it, they will come" - I have thrown around the idea for a while, and know the players are out there to support it. Thanks again for all the videos you are posting, they have really helped me believe in myself and my dream.
Wizards of the coast requires you to own a "Brick and Mortar" store in order to be allowed to buy product. Even if you get a distributor without a store, they will require you prove you're allowed to buy it. Also, just because you own a store, you STILL have to have Wizards give you the go a head to sell sealed product online. It's pretty intense
You answer is probably to buy in quantity. You'll get people to come down in price and shipping costs normally are a lot at first, but increase slowly depending on size and weight. I can look into it for you.
Awesome stuff dude. Good luck and keep it up!
The part about the distributors is spot on. My local shop got screwed when Theros came out because their distributor didn't send them enough boosters (they literally sent 2 booster boxes). At the end of release day, I asked them how many booster boxes they sold that day, and the guy replied none. He said he'd been asked by over 80 people for boxes.
Lets just say he wasn't happy.
Made it to the end, loved the video, super explained... so much that i would say it got to the point of inspiration to persuade the "dream" of having my own store (how weird that sounds), anyway thank you very much for all the tips and the information. sadly i'm not living in the states anymore, if i was i would be totally looking for your assessment, either way i still have things to fix before making any big move but again with all this information i feel more comfortable about the whole idea so thank you A LOT for that man!! so thumbs up and keep the awesome work!!
Sincerely a friend from Colombia.
great job, fascinating! thanks for doing this. cant wait to go and watch the rest of the videos.
I really wish my favorite LGS watched this and took this advice. They're are closing next month because of miss management and shitty personal situations
I like how he was legitimately honest and even came out with it and said that we don't get into this for the profit but because we ourselves love the game and love coming to work every single day. You don't here about this from big companies too often I love my small business stores.
Great info. I'm in the initial stages of starting a small collectable business myself and I can related to a lot of what you touched on.
This guy kicks ass, thanks man!
If you read this, I want to say the same thing David said below me. Really love the channel. I am in Europe right now and I don't play magic since it's not really too popular in the country I'm in (Small ass country of Estonia). I still have all my cards at home in the states, and I probably won't play too much when I go back. However, I just love the community of magic and game stores, and I love myself a good ass prerelease. Thanks for the videos, I love watching them with the morning coffee, and nohomo but I love your piercings/beard, and I like how your mind works, if that's a thing. You can keep talking and talking just like myself and it's just stimulating, idk man, hope it's not weird, I'd love to meet you in person, best of luck.
I watched the whole video. Thank you so much for it. It was really informative. I've always wanted to own my own store and although I'm not currently in the right place for it, I'll definitely save this video for later.
Thanks again.
This was kinda fun to watch, wish my overhead was that low though (not a card store) but I like magic, and im always interested in talking w/ other business owners other businesses and how they work. :D
Holy shit, I'm not that into card or board games, but what you say business-wise is fascinating and very informative. Subbed!
Derium, This video is just absolutely what I needed to see. I just signed a lease on a spot in the little lazy town of Jasper, Tn. which is 45 miles from Chattanooga (SE TN) west headed on I-24 towards Nashville. The closest place to play Magic or HeroClix the 2 lines I am going to open with is 55-60 miles East just north of Chattanooga or 60 West across a mountain headed to Nashville, a town called Tullahoma. I am starting small but focused on what I am offering. Thanks for the inspiration.
A part of me wants to move to Ohio just to be able to be a regular at your store. Thank you Derium!
Wow! youre very relatable...
"Im not that responsible of a person" ... sounds like me exactly, but at the same time, its kinda why I want to go into business... I dont plan on going into MTG [although a potential partner might] ... but its parallel to my business aspirations ... Thanks for the tips :D
I'm happy to hear this, there's a new magic store that open near my house 4-5 months ago and to be honest it's a great place to hang out. there was only 1 store in my city before this one came out. The owner does everything to keep everyone happy, everyday there is an store event plus friday night magic he does two draft in one night so we go home around midnight lol, order pizza get some beer and have fun ! So my guess is like this guy says if you going to open a LGS don't think about make millions, just do it for fun and enjoy it because trust me there might be worst job out there.
Really cool stuff man! I wish the best of luck to you.
You're awesome and huge help!! Keep doing what you're doing!!!
Awesome video bro... looking forward to more.
Great and informative video!!! You guys are the best!!!
Just recently watched this video and really appreciated it as even a general know-how for self owned business! I am moving out of Ohio soon but my only regret is that I havent visitted deriums...... well i still have two weeks left maybe I will (4 hour drive)
Really interesting content man!
I like the way you break it down, sounds like you're breaking your back to give good rates to your customers.
do you ship to Australia, or Vietnam?
I pay so much more for my product and its starting to get on my nerves.
I like to support my local when I can but at times it seems like the owner doesn't make it feasible to buy cards from him.
I'm talking about 100% mark up on sealed product.
rrp dude I wish for rrp!
Thank you for this video! Great insight.
Wow you must have competition! My local store is small but they have the market cornered I pay full retail for boosters and just paid 100 for a m14 box. I will look up your store because I am buying a theros box in a couple weeks. I would love to get a store going.
Dude, Thanks for doing that. It was extremely interesting.
real talk. thanks for sharing!
Really great video!. I am in the sports card arena but i think the same rules apply!
I would love an expansion on this series.
Thanks heaps, was good to watch
I am going to Derium's tommorow and I live in North Olmsted so coming to Cuyahoga Falls will take a bit
The main thing it does is ensure that the product is going into enough stores where players can actually get a chance to play it. They are highly protective of the idea that the game actually be socially interactive and they foster destination points for players to congregate by having all product distributed through brick and mortar stores. Only trusted stores are allowed to include online sales as a secondary market and only if they foster community play. An online-only store defeats that idea
Hey! I've sent you guys a massive email with a couple of questions that I would love to get a reply to, the feedback is highly valued and may make or break my business plans! Thank you for sharing your experience, it inspires us all! Keep it up!
Dude great video mad respect. I would love to open a card /comic/video game store but gamestop stores are poping up everywhere. So i dont know what to think anymore i guess, but can i just ask if i were to open up a store. Do you think just me running it can i really make enough money to pay for my house maintain the store and feed my family?
Hey man, I really appreciate what you do for your fans and customers. It is unfortunate that I don't live nearly close enough to Deriums's to visit. I am seriously considering opening a card store, however, how should one acquire the $20,000 to open? and the money to stock product? Should I just save money over a couple years? Should I take a loan?
i would love to see ebay stuff in regard to sales!
great stuff!
really helpful!
thank you!
This sounds like the best store ever!!!
my husband and i have been talking about this for a few years and recently decided to start working towards this. we have 2 kids and people keep telling us not to because we wont make any money.
"gamers are looking for a home, not a store". Exactly, I play Magic and I've been at a couple of different stores, and they all seem to get this. There is a store around where I'm from and you can tell that they don't care much about providing a place to play and hang out. I believe this is why their store is failing, and even their own employees are going to the store the next town over.
Hi im opening a cardfight/ magic store. This was very helpful.
You're a good dude bro. Thx
I would also recommend TCG player.Yes they charge commission, but items WILL sell very fast on there.Our business Inertia Cards basically sustains off of TCG Player.
You rock. Dont stop.
Thanks for taking the time to make this helpful video. Karma++
Great video and info, bless
Awesome video,great QA sir :)
Im opening a card shop in north vancouver,bc,canada...thanks for the tips :)
I dont even have an interest in opening a store, but a friend of mine is doing a sideline business for heroclix. This will be awesome for him!
+DeriumsCCGs Advice for others who watch this, if you are giving away product, you must track it, and pay sales tax on it. Need to track the items you give away, and then report it when you report sales tax. You can be fined for for non-compliance, and back charged based on their estimations.
We had a large store in the area get slammed hard for it. It wasn't even just with product they gave away, but also product they pulled off the shelf for demo purposes, or for marketing. Total fine ended up costing them about $10,000
Came across this on Reddit. Very informative and educational video. What is your experience with FTV, Modern Masters, and other limited sets? In terms of your location, competing prices, but also customer satisfaction?
Super informative man, I'll be contacting you soon with some questions
Hey man how did you buy all your cards under value when you started so you could make a profit from your stock right when you opened, I'm really interested in opening a store honestly.
I live in TN, BeachBum. I live about 30 or so mins away from you i believe, in Cookeville.
l loved the video! I'm looking to open my own store this summer. I do have a few more questions, if you wouldn't mind answering them?
Thank you!
Interesting video and discussion :D
good luck on not sleeping for months! haha. It's a really fun adventure though, if you need ANYTHING let me know, I'll do my best to help out!
Just seen this video and it is three years old. Anything else you have learned or want to share since the making of this? How has business been in the three years since? Great video!
your sales tax (at time video was recorded) is 7%?!?!?! thats awesome, here in the UK we have something similar, it's called V.A.T and at the moment it is at 20% :( also love the videos, very informative, it is my ambition to one day own and run my own business, i enjoy magic the gathering a lot so it will no doubt be a card based business and your q&a's offer a decent insight into what to expect, also every day card store life gets a huge thumbs up :D
Keep in mind personal income tax for someone like him is in the 20-25% range. Add that onto his sales tax, property tax, and other federal, state, and county taxes and Americans probably pay only slightly less than Brits in taxes (but we get alot less).
I got one card shop close to my house 10 min drive but they sell magic cards for crazy prices. Wish I lived close to your shop
I have a question. I live in an area that is more rural, the city I live in has a pop of around 5700. on average the closest shops are about 1 hour away one way. only play to get trading cards here is wal-mart. Would a community of this size even be able to support having a magic shop? I have been thinking about it, but part of me feels the population is just a bit on the small side.
Hey I was just wondering if you have any tips for someone who is not that experienced in card games and is young to get a job at a local card store
what is a good amount of square ft needed for nice tournaments. I am in San diego with millions of people with only 3 card shops. So your info helped me a lot
.
id prefer the store people to be down to earth, you wanna have fun or i do when i go to a shop and if everyone seems relaxed i feel comfortable good practice for the job type i think
great video!
Another thing to remember is out minimum wage is less than half your minimum wage. That makes a difference.
Is it easier to open a web-based store to sell your magic cards using a host site like go daddy or eBay or other sites? Or easier to have a physical store? Here's the thing I wanted to sell my cards but I have talked to store owners and all they offer anywhere I have asked give you in store credit which is cool for the cards you want but not ideal for making profit. I need ideas I'm just thinking about it for now!!!
there is a card store in holland and its a home for me so yhea u have the right idea of card stores its like a second family for me
CaptainSwagFlag a dutchie hier, waar is ie en wat is de naam?
I feel very awkward mentioning income, even if it's gross not net. Because some people are like "oh... so it's not billions of dollars??" and others think "stop being a show off". I'd like to someday have a Google hangout with people who are very interested in this, and just give a total run down of the back end, income and all.
Thank you Juzam Djinn! :)
..that was very helpful.....
II was wandering if you guys wrote a business plan?
Hi, I've checked your eBay store and I only saw a bunch of HeroClix. What happened to the MTG cards?